tv Forbes on FOX FOX Business January 13, 2013 2:00am-2:30am EST
>> hot stock pickers. say that three time. >> retailer and construction and farm equipment, should be a big year for them >> adam? >> it looks too boring for my taste. >> what is boring for you. >> cooper tire. it is up nicely and extremely expensive. >> ben cooper what do you think? >> i think it is a good pick and i will go with boring, that's the way to make money. >> what do you like in
general? >> i like taiwan, it is amazing effort and people . it alows you to inexpensively buy taiwan. in the meanwhile david asbin forbes on fox right now. >> with thousands of jobs on the chopping block this week, it is time for dc to take a cue from the bayou . bobby jindal want to limit the state income tax and corporate tax it is time to change so people can keep their own money and foster an environment where businesses want to invest andreate good paying jobs. he would hike the 4 percent sales tax and some say like it up to washington d.c., is that right or wrong? i am dave asbin. we'll go to steve and rich and
mike and john, you love this idea and think it is good for the whole, country explain. >> one of the scandal is not the deficits, but the fact that federal government collects 2.5 trillion. with the consumption or sales tax, this is the lone way we can limit how much money gets to the federal government and more businesses would be created and jobs and the federal government would not be penalizing our work and we would get more work and jobs. >> sounds good to me, rick, to you? >> here's the problem. i will not touch incredibly regressive nature of this. >> by regressive, it hits the poor more than the rich? >> exactly. put the brakes on a economy, imagine what happens here. first of all, to keep the revenue neutral, you are
looking at a 20r 30 percent sales tax . add that to the state tax that governor gindale wants to add. no one will be able to afford it or go shopping. >> steve, this is a country of experiment ground . the states experiment with things that might do better. >> there are 9 states who don't have a personal income tax. you compare the state of vermont with the state of new hampshire. new hampshire has no sales tax or personal income tax and does better over time than the neighboring state of vermont that is a so-called progressive state. on a national level change the constitution or we will end up with a income and a consumption tax. >> unfortunately the constitution was changed in order to bring in the income
tax. >> you have to change or we would get the both. >> you are against the idea of bobby gindale. >> i don't like sales tax. we saw the experiment in europe with that. they are onerous often than income tax . they are sneaky, too. it is vast and they are put in every element of sales and you don't know what the true tax rate and the cost. gin dale's program is to replace one source of government to do with another. it doesn't reduce what john and i would like to reduce the flow of money to the government. >> milton freeman didn't like national sales tax because it is too easy for governments to raise money and yet you are in favor of this idea why? >> i am favor in the state level. the question of
experimentation. we have 50 states and they are free to try different revenue raising methods in addition to new hampshire versus vermont and washington versus oregon. washington has no income tax and doing quite a bit better. these things work in the state level and milton freeman is right in the national level it wouldn't work for the variety of reasons among them constitutional problems. >> emac does it work in a state level but not the federal level? >> it would translate to the federal level. our next tack system is a disaster. it has made more liars out of american people than golf . what we are talking about. it is a system that is simplified beyond all understanding . we are talking about a sales tax and it is alled the fair tax. what it means, yes, it could
start at 15 percent x. rick unger makes a good point. states have their own sales tax system . it would make a competitive health care market. here is the problem, the senior lobby would lobby hard against it because seniors paid the income taxes and when they spend income in sales tax, they would be upset about it. >> michael, just for the sake of simplicity alone. the last tax increase that we had to endure makes the tax code more complex. for the sake of simplicity don't you want. >> i want a flat income tax and that makes it simple and fair and everyone to pay the porportion of their income in taxes that gives them the same amount of skin in the game and that would slow down government spending, wow, i am
going to taxed for a new program. >> steve will not give you an argument on the flat tax, but the beauty of what is happening in the state level in this country, for all of the messiness that we have in the state level they are getting their act together. >> yes, they are doing well and states that are good in terms of finances and look at indiana, manufacturing state and good governor left office and went to perdue, mitch daniels. >> and replaced by mike pence. >> who may run for president one day. indiana got a triple a rating and grading approved because of the good finances that mitch daniels put in. >> you look at bobby jindal and chris christie an nicky haley.
there are 30, in the democrat race, republicans picked up another state and now 30 republican governors in the united states. >> yeah, that point is lost on a lot of pundits and we are seeing the yawning gap tweep the blue cough, cough state that is voted for alabama like illinois and california that are not it is a wonderful experiment and i hope in 2014 people take note. >> rick, do you fee lonely on the state level. >> no, it is a remarkable gerrymandering that is the result of it. >> you don't think the public willingness elected republican governors? >> one and half million cast for democrats in congress than republicans . guess why republicans control the house because of
gerrymandering. and they also control house of congress but the state level people seem to be for more fiscal responsibility. >> yes, they do. you saw it in early wisconsin and scott walker faced down a recall successfully. people like success . you can see it in michigan and wisconsin and other states, yes, when they see good fiscal responsibility they respond positively. >> john, a lot of people in the state level, switching from a income tax to a sales tax, but not on the national level, they don't want to give the feds that much power? >> i toltsly disagree. i don't want the federal government to know how much i make. a national sales tax it is a way of keeping my income private and starving the government -- >> it is easy to forget that
jobs, that's what yunce are saying where one in seven residents are out of work. they are petiddingsing from the employer from building a superstore and creating job in newark, new jersey. you say that unions are hurting the people they are trying to protect. >> walmart means lower prices and more jobs . that means you get more commerce and walmart is able to do this because of productivity and that's what the country is all about. going against walmart is like saying ban the ipods. >> i have periphial vision and i can see rick unger shaking his head no. why, rick? >> what happs here. walmart movesn a community and mom and pop and small businesses go down the drain and with them employees making a decent wage that have one choice. going over to walmart where they get substandard payment
and understand up barely getting by. it is not only the unions, but a whole host of people and that's because they don't pay a livable wage. >> rich, the average wage is 12-13 dollars and closer to 13 than 12 and it is not like they are paying minimum wage. >> no, something bigger here is one of the common problems of poor urban neighborhoods is the lack of acess to good grocery stores. you cant find them in urban areas of newark . walmart will have a grocery store. if we talk about the health care crisis we need good food and make itable -- it affordable. and this will give thousands of residents of newark their first full service grocery store. we will go back to the jobs picture.
walmart i going to eliminate 250 local existing jobs and replace them with 200 new retail jobs it is a job killer. that is a good thing . it is only by killing jobs that innovator like sam walton did more with less. that's wha the standard of living is about. >> i love the way bill baldwin plays pool. the fact is, that some unions that are really against walmart are using the issue to hide their own sins, right? >> unions are keeping scores. food worker's union that is trying to unionize walmart so corrupted and mismanaged their symptom they needed workers to keep their own pensions afloat. their pension is in crisis . kick, you can shake your head. but your head as much as you want. the government's own filing
show they are 40 or 50 percent underfunded and the union dues for corrupt gifts and political donations and lobbying and trips . the officers of the union. they have a 401 k and profit sharing plan. why don't the members have that? they don't. what is good for the goose is not necessarily good for the gander, john tammy. >> if walmart were the explorer. why do people line up to get jobs? >> hold olet him finish and i will get back to you rick. >> would you rather an apple store or a blockbuster video? we know the answer. when walmart moves in a place, it attracts other places and walmart is a winner and symbol of success. if you keep them out other businesses will not go to newark to begin with. >> rick, walmart has scen states in the state of thiers
and employ 18,000 workers and this place where they are thinking of building is in a deserted lotnd has been deserted 40 years. isn't it likely to help newark to help it? >> no, what you guys refuse to regnize . you can throw it at unions but mom and pop stores are put out of business. >> no, they are not. >> they actually think like the people in newark don't have grocery stores. >> rick, you are so wrong. you are wrong. i have talked to walmart and city officials across the country in vermont and in california, and bombed out areas of the country, they want walmart. hang on, let me finish. john is right. it is a magnet. >> and that means a higher standard of living and rick
assumes that something comes along and it is a zero sum game. it is not wrero sum . mom and pop zone i doubt they pay more than walmart. >> isn't it just a easy hit to hit on target. >> they are from the south and professional left hates anything from the south. look. what i love about rick's argument. he presumes that will alternative would be gean itch or santa monica. give me a break. >> in the middle of the worst flu outbreak. lawmakers are looking to tax the flu vaxx even. it is on that in the bottom of the hour. first, move over edward scissar hands and forget trimming, this florida couple is facing steep fines if they don't dig up their yard
completely. is this the government going john is 42. mortgage. married. two great kids. he wants to protect his family with a $500,000 rm life insurance policy. what do you think it'll cost him? a hundred dollars a month? sixty? forty? actually none of the above. john can get a $500,000 policy -from a highly rated insurer - for under $25 a month. his secret? selectquote. selectquote is impartial. they'll search the pick of insurers like these to give you a choice of your best prices. selectquote has great savings on term life for women, too. john's wife carrie, can get a $500,000 policy for
under $16 a month. selectquote has helped make term life insurance affordable for hundreds of thousands of people since 1985. how about you? just call this number or visit selectquote dot com. ♪ ♪ ♪ [ male announcer ] a full life measured in seats starts with the right ones early on. car crashes are the number one killer of children 1 through 13. learn how to prevent deaths and injuries by using the right car seat for your child's age and ze.
- ♪ livin' in this crazy world ♪ ♪ so caught up in the confusion ♪ ♪ nothin' is makin' sense ♪ for me and you ♪ we've got to give a little love ♪ ♪ have a little hope ♪ make this world a little... ♪ >> on your mark and get set. fine. a florida couple is facing a $500 fine if they don't chop down the veggie garden. the orlando city government said it could hurt property values and homeowners say it is violating their property rights. you say that the government is
right, explainn? >> i think it is a silly code to have and when you have something in the law it is applied evenly to everyone and they should be forced to follow the law. down the road change the law and make it where you can grow your veggie garden. if this is a law, the law is an ass. >> this shows the idiacy of government. can't make a distinction between a vegetable garden and raising python and having a toxic waste dump. they say it doesn't enhance values, let the market decide. >> laws today don't have a common sense. there is so little common sense . doesn't it add to the perception. >> let the market decide. this is more me, me, me stuff. people who object to it. bought a house with man cured front lines and what is
happening to them. i sent a friend to look at it is a farming front and out of place. the people who bought house next door. their property values have gone down. he should let the market decide to take a hit. >> emac, what about property rights. >> they should put a walmart in the corner. >> i am kidding. orland open where this is happening, professes to be the greenest city in america. that is funny. if they were growing hay stacks and corn stalks, i would be angry. but if you get rid of the garden in the front lawn get rid of the white house garden. >> michele wouldn't like that. >> with the of rules against noyce and all wroning in the united states is corrupt or stupid. >> steve, again, common sense seems to be missing in
american law making these days and this is going to add to the perception that the laws are stupid. one thing if you bought a piece of propertyy with a homeowner's association. but this is an utter lack of common sense. it is not a nuclear waste dump. >> ask your neighbors how they feel about it before you do it. >> more stocks running up to all-time highs and not all of them. are the names ready to make the record-breaking run. next time. that's coming up.